Inefficiencies in inventory management can lead to lost revenue opportunities due to stockout or higher costs due to excess inventory. Inventory management is a critical success factor in many industries such as manufacturing, pharmaceutical, consumer packaged goods, engineering and consumer durables. In addition, businesses that have global operations have to deal with increased complexity when managing inventory.
In competitive markets, often times, the success of the market leader is due to the efficiencies in their inventory control. A common factor observed from these market leading inventory management systems, is that data-driven decision makers across all functions in the company have easy access to real time inventory data so that they can factor in inventory levels when making their decisions.
How does Self-service BI help Inventory Management?
Efficient inventory control can help your business in planning and managing the inventory. While Business Intelligence tools have long been supporting inventory management, a Self-Service BI tool such as Vizard, can help you open up access to inventory data to whoever needs that data to make data-driven decisions within your Organization. Self-service BI on inventory data can help you in multiple ways:
- Informed Sales Teams can perform better
With Vizard, your Sales team can instantly visualize inventory aging data and can plan to sell more of it using discounts or campaigns. More importantly, Sales can know what’s moving and what’s not and adjust their plans accordingly.
- Move goods where demand is
With Vizard, you can analyze inventory and demand data from across different locations and plan your logistics to move stock across locations to match inventory with demand.
- Effective Planning
Armed with data, your inventory planners, are on a firmer ground now when making restocking decisions.
When the inventory is firmly under control, you can plan for a better spread of the cash reserves. Also, Vizard is designed for business users rather than for IT staff. Therefore, you can use Vizard to discover opportunities through the analysis of historical data as well as real time data.
Infruid Labs is a Business Analytics and Data Visualization solutions company. Vizard is Infruid’s patent-pending and award-winning Big Data Visualization platform. Vizard helps business users ask questions in simple English and answers back with interactive charts. Ask for a demo to know more.